All Forum Posts by: Andrew Fredrickson

@Louis Imbriaco welcome to BiggerPockets! I'll share what I recommend for starters but it sounds like you're already doing a lot of those things!

• Read Brandon Turner's book on Rental Property Investing https://www.biggerpockets.com/store/rental-investing-physical
• Listening to the BP Real Estate podcast https://www.biggerpockets.com/podcast
• Listening to the BP money podcast https://www.biggerpockets.com/moneyshow
• Attend your local REIA meetings to network
• Start analyzing deals (and I mean a lot!) to get practice
• Engage more on the BP forums. You'll be surprised how many people will reach out with opportunities.
• Add a profile pic! ;)

All the best!

-Andrew

Hi @Sungpil Lee ! 

You might also get some insight from these articles: 

https://www.biggerpockets.com/renewsblog/2015/03/18/due-diligence-guide-houses/

https://www.biggerpockets.com/renewsblog/2014/10/24/the-ultimate-due-diligence-guide-for-buy-and-hold-properties/

Best of luck!

-Andrew

@Danzell Crowell welcome to BP! I'm not in your area, but you've certainly come to the right site to make connections! 

Also if I was coaching myself just starting out, this is what I would recommend:

• Read Brandon Turner's book on Rental Property Investing https://www.biggerpockets.com/store/rental-investing-physical
• Listening to the BP Real Estate podcast https://www.biggerpockets.com/podcast
• Listening to the BP money podcast https://www.biggerpockets.com/moneyshow
• Attend your local REIA meetings to network
• Start analyzing deals to get practice
• Engage more on the BP forums

All the best!

-Andrew

@Gregory Winter welcome to BP! REI definitely is the most profitable if run like a business!

The best learning tools I would recommend are: 

• Read Brandon Turner's book on Rental Property Investing https://www.amazon.com/Book-Rental-Property-Investing-Passive-ebook/dp/B018UTI2DO
• Listening to the BP Real Estate podcast https://www.biggerpockets.com/podcast
• Listening to the BP money podcast https://www.biggerpockets.com/moneyshow
• Attend your local REIA meetings to network
• Start analyzing deals to get practice
• Engage more on the BP forums

All the best!

-Andrew

@Stanley Cole welcome to BP and congrats on doing your first deal! 

I echo what Alan said, finding good tenants could make or break you when you're first getting started. Make sure to screen them (credit/criminal checks and references) and make sure they can afford the rent. 

If I was just getting started, this is what I would recommend doing:

• Read Brandon Turner's book on Rental Property Investing https://www.amazon.com/Book-Rental-Property-Investing-Passive-ebook/dp/B018UTI2DO
• Listen to the BP Real Estate podcast https://www.biggerpockets.com/podcast
• Listen to the BP money podcast https://www.biggerpockets.com/moneyshow
• Attend your local REIA meetings to network
• Start analyzing deals to get practice
• Engage more on the BP forums

All the best!

-Andrew

@Jason Hernandez welcome to the BiggerPockets community!

You're running into a problem many first time landlords face. That is, not fully factoring all expenses.

Here is a good article on the subject: https://www.biggerpockets.com/renewsblog/2014/12/02/rental-property-expenses/

I'm not sure of all the variables, but without drastically increasing your rent and/or lowering your payments, it doesn't look like this property is going to be a great asset for you. Unless you think the property is in a good potential growth area, I would probably consider leveraging into a property that produces a higher ROI.

Best,

Andrew

@Stephen Ray welcome to BP! 

I would think both options have the potential to work. However, using a HELOC to finance your next property will probably be easier (if you're buying another "project") and cheaper (you'll likely get a lower interest rate).

Check out this article: https://www.biggerpockets.com/renewsblog/brrrr-buyrehabrentrefinancerepeatprimer/

Best,

Andrew

@Tyler Wetherbee welcome to BP!

Yes, you can do that. After you have sufficient equity, you should be able to take out a HELOC on the property to use for your next down payment.

Best of luck!

-Andrew

@Pradeep Varghese welcome to BP! As I'm sure you'll soon discover, BP is a great place to learn and connect with people!

If I was coaching my younger self, this is what I would recommend:

• Read Brandon Turner's book on Rental Property Investing https://www.amazon.com/Book-Rental-Property-Investing-Passive-ebook/dp/B018UTI2DO
• Listening to the BP Real Estate podcast https://www.biggerpockets.com/podcast
• Listening to the BP money podcast https://www.biggerpockets.com/moneyshow
• Attend your local REIA meetings to network
• Start analyzing deals to get practice
• Engage more on the BP forums
• Post a profile pic ;)

All the best!

-Andrew

@Jeff Jacques welcome to BP! You've definitely come to the right place to learn and connect! 

If I was coaching my younger self, this is what I would recommend:

• Read Brandon Turner's book on Rental Property Investing https://www.amazon.com/Book-Rental-Property-Investing-Passive-ebook/dp/B018UTI2DO
• Listening to the BP Real Estate podcast https://www.biggerpockets.com/podcast
• Listening to the BP money podcast https://www.biggerpockets.com/moneyshow
• Attend your local REIA meetings to network
• Start analyzing deals to get practice
• Engage more on the BP forums

All the best!

-Andrew